Tubacex, S.a. · BME:TUB

Tubacex — 9M 2025 Earnings Presentation

24 slides from Tubacex's earnings presentation, October 2025

  1. Slide 1: Results Release Nine Months 2025

    RESULTS RELEASE NINE MONTHS 2025 OCT 2025 9M 2025 RESULTS / PAG. 1

  2. Slide 2: Main Considerations: 9M 2025 in Figures

    MAIN CONSIDERATIONS 9M 2025 IN FIGURES  Tubacex closes the first nine months of the year with sales of €525.9M and an EBITDA of €84.6M.  The EBITDA margin reaches 16.1%, driven by the licensing agreement with ADNOC for the use of its SALES connection in non-CRA applications, a key strategic milest

  3. Slide 3: Main Financial Figures

    MAIN FINANCIAL FIGURES 9M 2024 9M 2025 % Var. Q3 2024 Q3 2025 % Var. (€M) Sales 569.1 525.9 -7.6% 171.1 164.4 -3.9% EBITDA 78.1 84.6 8.4% 28.0 23.7 -15% EBITDA Margin 13.7% 16.1% 16.4% 14.4% EBIT 45.8 50.4 10.2% 18.3 13.1 -28.7% EBIT Margin 8.0% 9.6% 10.7% 8.0% Earnings Before Taxes 18.2 26.9 48.4%

  4. Slide 4: Main Figures from the Income Statement

    MAIN FIGURES FROM THE INCOME STATEMENT  Sales figure 7.6% lower than in the same period of 2024. SALES €M  General market weakness: 569.1 171.1 164.4 - Affecting activity volumes, especially in lower value-added products. 525.9  Nickel price: - Downward trend in nickel prices, with a cumulative d

  5. Slide 5: Main Figures from the Balance Sheet: Net Financial Debt

    MAIN FIGURES FROM THE BALANCE SHEET: NET FINANCIAL DEBT Net Financial Debt Cash impacts Working Capital €M  Capex 9M 2025: €47M  Make-to-order manufacturing strategy (link  This Capex includes the investment in the between net financial debt and working capital). 399.3 Abu Dhabi plant, which secu

  6. Slide 6: Revenues Breakdown

    REVENUES BREAKDOWN PREMIUM PRODUCTS Precision & New markets  Strong positioning with strategic customers, together with the strategy of 16.0% signing long-term agreements, is allowing the company to maintain a high order E&P Gas backlog in high value-added products and profitability levels above th

  7. Slide 7: Backlog Evolution

    BACKLOG EVOLUTION ROBUST SITUATION OF THE BACKLOG Book-to-bill ratio TOTAL BACKLOG INCLUDING ADNOC’S CONTRACT €1,266M ROLLING 9M 2025 = 0.5x The order backlog has decreased compared to the end of 2024 due to the overall macroeconomic uncertainty causing general market weakness, as well as the progre

  8. Slide 8: Robust Backlog

    ROBUST BACKLOG Some significant projects and end users: Upstream OCTG: • Petrobras: OCTG CRA solutions (casing, tubing, and connections) as well as logistics services, maintenance, and technical support. CURRENT BOOK-TO-BILL 0.5x (LTM) €1,266M(1) • ADNOC: Major order of $1 billion for gas extraction

  9. Slide 9: Commercial Remarks (I) E&P Oil&Gas (i)

    COMMERCIAL REMARKS (I) E&P OIL&GAS (i) UPSTREAM  OCTG - Brazil: - Delivering Búzios and Sépia-Atapu orders for Petrobras and starting to use Tubacex’s proprietary Sentinel connection in the Brazilian market. - Additional project quotations for the coming quarters. - Abu Dhabi: - Threading lines are

  10. Slide 10: Commercial Remarks (I) E&P Oil&Gas (ii)

    COMMERCIAL REMARKS (I) E&P OIL&GAS (ii)  SURF - Global Subsea/SURF spending (equipment, installation, and services) is estimated to grow around 10% through 2027. - Brazil: strong expansion expected in pre-salt project demand, with spending up 18% year-on-year. - Emerging regions: discoveries in Guy

  11. Slide 11: Commercial Remarks (II) Industrial & PowerGen

    COMMERCIAL REMARKS (II) INDUSTRIAL & POWERGEN INDUSTRIAL  Market remains low specially on CAPEX across all regions.  Project decisions have been delayed, kept on hold and in some cases re budgeted due to current geo-political issues.  Some pick up on heater business on OPEX side with decisions wi

  12. Slide 12: Commercial Remarks (III) Low Carbon

    COMMERCIAL REMARKS (III) LOW CARBON  Carbon Capture, Utilization, and Storage (CCUS) LOW - Global CCUS capacity reached 50 Mt/year, projected to rise to 430 Mt/year by 2030. CARBON - Northern Lights (Norway) stored its first CO₂ volumes, setting a scalable model for Europe. - In the UK, a CO₂ injec

  13. Slide 13: Commercial Remarks (IV) New Businesses

    COMMERCIAL REMARKS (IV) NEW BUSINESESS  Aerospace & Defense NEW - Solid order intake from recurring clients. BUSINESESS - Active collaboration with leading OEMs on new qualification programmes and material developments. - Growth expected in Q4–Q1 in special technologies and coatings, and market div

  14. Slide 14: Main ESG KPIs

    MAIN ESG KPIs Indicator Ud. 2019* 9M 2025 Goal 2030 ENVIRONMENT Mwh/ Energy Intensity(1) 2.85 1.24 2.13 GAV ENERGY & Ton CO2/ CLIMATE Scope 1 y 2 Emissions intensity(2) 0.70 0.19 0.28 GAV % total % Renewable Energy 0% 34.7% 40% energy CIRCULAR Waste recycled % total 60.5% 82.1% 95% ECONOMY generated

  15. Slide 15: Stock Information

    STOCK INFORMATION GROWTH POTENTIAL Stock Evolution Key Data €/share +8.4% 126,549,251 # shares outsanding 4,5 4.39€ 4,3 €/share (09.30.25) 3.53€ 4,1 3.53€ 3,9 Market Cap. (€M) €446.7M 3,7 3,5 % evolution +8.4% 3,3 3.22€ Maximun 4.39€ (March. 6) 3,1 31/12/2024 14/01/2025 28/01/2025 11/02/2025 25/02/2

  16. Slide 16: Positive Year in a Challenging Environment

    MACROECONOMIC ABU DHABI SENTINEL PRIME® 2025 UNCERTAINTY ADNOC contract exceeding Licensing agreement with Caution is necessary given the the initially planned volumes. ADNOC for its use in carbon global economic environment. materials within the country. POSITIVE YEAR IN A CHALLENGING ENVIRONMENT B

  17. Slide 17: Strategic Plan 2027

    STRATEGIC PLAN 2027 NT2: NEW TUBACEX NEXT TRANSITION NT2 2027 TARGETS DRIVING SUSTAINABLE VALUE AND TO REDUCE OIL MARKET & GAS LEADERS IN ENTERING INTO A NEW PHASE OF VALUE EXPOSURE TO LOW CARBON CREATION FOR OUR SHAREHOLDERS 1/3 OF THE BUSINESS BUSINESS TO BE A POINT REVENUE REASONS TO INVEST IN TU

  18. Slide 18: Appendix

    APPENDIX TUBACEX GROUP

  19. Slide 19: Consolidated Income Statement Detail

    CONSOLIDATED INCOME STATEMENT DETAIL (€M) 9M 2024 9M 2025 % var. Q3 2024 Q3 2025 % var. Sales 569.1 525.9 -7.6% 171.1 164.4 -3.9% Change in inventories 38.2 25.6 -33.1% 7.2 (1.6) -122.6% Other income 10.2 31.4 207.6% 2.9 4.8 64.0% Cost of materials (264.9) (222.2) -16.1% (77.6) (61.9) -20.3% Personn

  20. Slide 20: Consolidated Balance Sheet Detail

    CONSOLIDATED BALANCE SHEET DETAIL (€M) 12/31/24 09/30/25 %var. (€M) 12/31/24 09/30/25 %var. Intangible assets 117.7 111.1 -5.7% Equity, Group Share 378.0 351.0 -7.2% Tangible assests 343.8 337.1 -2.0% Minority interests 104.1 99.8 -4.2% Financial assets 98.0 122.9 25.5% Equity 482.2 450.8 -6.5% Non-

  21. Slide 21: Historical Quarterly Evolution: Sales & EBITDA

    HISTORICAL QUARTERLY EVOLUTION: SALES & EBITDA Sales €M 207.2 173.3 171.1 164.4 107.6 86.4 Q3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 EBITDA €M 29.5 28.0 24.8 23.7 16.4% 14.3% 14.2% 14.4% 6.6 4.7 6.1% 5.5% Q3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 % EBITDA Margin 9M 2025 RESULTS / PAG. 21

  22. Slide 22: Alternative Performance Measures – APM I

    ALTERNATIVE PERFOMANCE MEASURES – APM I Tubacex presents its results in accordance with the generally accepted accounting principles (IFRS). Furthermore, this report provides other non- IFRS financial measures, called Alternative Performance Measures (APM), which are used by management to assess the

  23. Slide 23: Alternative Performance Measures – APM II

    ALTERNATIVE PERFOMANCE MEASURES – APM II NET FINANCIAL DEBT Tubacex presents the calculation of Net Financial Debt as the difference between the gross financial debt and the cash and cash equivalents balance along with the balance for temporary financial investments on the assets side of the Balance

  24. Slide 24: 9M 2025 RESULTS / PAG. 24

    9M 2025 RESULTS / PAG. 24

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